Strong Q4 ended solid 2022 for Terex
By Mike Brezonick10 February 2023
Terex Corp. closed 2022 with a strong fourth quarter performance, which helped the company record a solid year overall.
Fourth quarter sales were $1.2 billion, a 23% increase from the same period a year earlier. For the year, Terex sales were $4.4 billion, a 13.7% increase year-over-year and the company reported operating income of $420 million, 26% better than 2021.
“The fourth quarter marked an excellent finish to a strong year for Terex,” said Terex Chairman and Chief Executive Officer John L. Garrison, Jr. “We successfully navigated complex global macro dynamics to deliver significant revenue and earnings growth.
“Our 2022 results showcase the strength of our portfolio of diverse market-leading businesses and our continued leadership in attractive growth markets.”
Net sales in the Materials Processing segment were $550.3 million for the fourth quarter of 2022, up 21.2% or $96.2 million year-over-year. Excluding the impact of foreign exchange rates, net sales increased 31.8% year-over-year. Net sales were $1.9 billion for the full-year 2022, up 14.8% or $249.8 million year-over-year.
In the Aerial Work Platforms segment, net sales were $671.8 million for the fourth quarter of 2022, up 25.7% or $137.4 million year-over-year. Net sales were $2.5 billion for the full-year 2022, up 14% or $304.8 million year-over-year.
Looking ahead to 2023, Garrison said the company anticipated sales between $4.6 and $4.8 billion, “as we capitalize on favorable megatrends and continue to deliver profitable growth.”